JETS - Weekly oil supply/demand roundup - crude up ~$4.00 from last Friday's close

This week's DOE inventory updated showed a surprise draw of 4.8mb in oil and oil products (USO). TSA check checkpoint data pointed to falling passenger volumes, down 3% week on week and 11% from 2019 levels (JETS). New York State suspended its gasoline tax (PBF). Refining margins spiked, as Russian product exports for May appeared to fall, as oil exports rose (XLE). China's state-owned refiners kept utilization flat in May, in-line with depressed April levels. EU leaders agreed on a Russian oil import embargo that made exceptions for pipeline imports, effectively mitigating any impact on global supply balances. Rosneft (OTCPK:RNFTF) announced plans to increase production in June. The Baker Hughes (BKR) oil-directed rig count was flat on the week, after falling the prior week. The UK passed a "windfall" oil and gas tax, while the White House confirmed they are investigating a similar tax (BP) (SHEL). OPEC announced plans to accelerate

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Weekly oil supply/demand roundup - crude up ~$4.00 from last Friday's close